Pennsylvania Judge OKs $15.9 Million Reinsurance Commutation Agreement

Mealey's (September 21, 2015, 1:04 PM EDT) -- HARRISBURG, Pa. — A Pennsylvania judge on Sept. 18 granted the liquidator of an insolvent insurer’s application for the approval of a $15,930,000 commutation agreement with one of the insolvent insurer’s reinsurers (In re: Reliance Insurance Co. in liquidation, No. 1 REL 2001, Pa. Cmwlth.).

(Order approving commutation, settlement agreement and release available. Document #10-150925-022R.)

The Pennsylvania Commonwealth Court found Reliance Insurance Co. insolvent on Oct. 3, 2001, and the state’s insurance commissioner was appointed as liquidator.

Teresa Miller, Pennsylvania’s current insurance commissioner, asked the court...
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